Common use of NECESSARY PREREQUISITES Clause in Contracts

NECESSARY PREREQUISITES. Prior to this Agreement becoming effective as to a Party, each of the following events shall have occurred: (i) The Operating Agreement is in full force and effect; (ii) The Operating Agreement shall have been executed by the Party; (iii) FERC shall have accepted for filing the PJM South Reliability Assurance Agreement, this South Transmission Owner Agreement and the changes to the PJM Tariff and Operating Agreement by PJM and Dominion Virginia Power, Issued By: ▇▇▇▇▇ ▇▇▇▇▇▇ Effective: May 1, 2005 Vice President, Government Policy Issued On: November 4, 2004 Filed to comply with order of the Federal Energy Regulatory Commission, Docket No. ER04-829, et al., issued October 5, 2004, 109 FERC 61,012. PJM Interconnection, L.L.C. Original Sheet ▇▇. ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇. ▇▇ including the PJM Tariff changes, including the Rate Design, to implement transitional charges designed to maintain revenue neutrality for Dominion Virginia Power, if applicable, all without change or condition; (iv) Dominion Virginia Power has obtained any other required regulatory approvals. In the event that the FERC fails to accept for filing, as required by this Article, all of the above agreements and Tariff changes without change or condition, the Parties hereto agree to negotiate in good faith to seek to accommodate such changes as the FERC indicates are required before acceptance. In the event of failure to so agree, neither Party shall be bound by the terms of this Agreement and this Agreement shall have no further force and effect. Issued By: ▇▇▇▇▇ ▇▇▇▇▇▇ Effective: May 1, 2005 Vice President, Government Policy Issued On: May 11, 2004 PJM Interconnection, L.L.C. Original Sheet No. 19 Rate Schedule FERC No. 39